The effects of ownership concentration on investment and performance in privatized firms in Russia
Author
Abstract
Suggested Citation
DOI: 10.1002/mde.1008
Download full text from publisher
References listed on IDEAS
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000.
"Investor protection and corporate governance,"
Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
- Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, "undated". "Investor Protection and Corporate Governance," Working Paper 19455, Harvard University OpenScholar.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Scholarly Articles 29408126, Harvard University Department of Economics.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Schleifer, Andrei & Vishny, Robert, 2001. "Investor Protection and Corporate Governance," Working Paper Series rwp01-017, Harvard University, John F. Kennedy School of Government.
- Shleifer, Andrei & Vishny, Robert W, 1997.
"A Survey of Corporate Governance,"
Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
- Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
- Shleifer, Andrei & Vishny, Robert W., 1997. "A Survey of Corporate Governance," Scholarly Articles 30728046, Harvard University Department of Economics.
- Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999.
"Corporate Ownership Around the World,"
Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
- La Porta, Rafael & Lopez-De-Silanes, Florencio & Shleifer, Andrei, 1999. "Corporate Ownership Around the World," Scholarly Articles 30747162, Harvard University Department of Economics.
- Short, Helen, 1994. "Ownership, Control, Financial Structure and the Performance of Firms," Journal of Economic Surveys, Wiley Blackwell, vol. 8(3), pages 203-249, September.
- Pound, John, 1988. "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 237-265, January.
- Franco Modigliani & Enrico Perotti, 1997. "Protection of minority interest and the development of security markets," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 18(7-8), pages 519-528.
- Sergei Aukutsionek & Igor Filatochev & Rostislav Kapelyushnikov & Vladimir Zhukov, 1998. "Dominant shareholders, restructuring and performance of privatised companies in Russia: An analysis and some policy implications," Post-Communist Economies, Taylor & Francis Journals, vol. 10(4), pages 495-517.
- Lucian Arye Bebchuk, 1999. "A Rent-Protection Theory of Corporate Ownership and Control," NBER Working Papers 7203, National Bureau of Economic Research, Inc.
- Randall K. Morck & David A. Strangeland & Bernard Yeung, 1998. "Inherited Wealth, Corporate Control and Economic Growth," William Davidson Institute Working Papers Series 209, William Davidson Institute at the University of Michigan.
- Estrin, Saul & Wright, Mike, 1999. "Corporate Governance in the Former Soviet Union: An Overview," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 398-421, September.
- Estrin, Saul & Wright, Mike, 1999. "Corporate Governance in the Former Soviet Union," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 395-397, September.
- repec:bla:jfinan:v:53:y:1998:i:1:p:65-98 is not listed on IDEAS
- Igor Filatotchev & Mike Wright & Michael Bleaney, 1999. "Privatization, insider control and managerial entrenchment in Russia," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(2), pages 481-504, July.
- Bennedsen, Morten & Wolfenzon, Daniel, 2000. "The balance of power in closely held corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 113-139.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Elisabete Duarte Neves, 2014. "Ownership Structure and Investor¡¯s Sentiments for Dividends," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(2), pages 35-58, April.
- Lili Kang & Fei Peng & Yu Zhu & An Pan, 2018. "Harmony in Diversity: Can the One Belt One Road Initiative Promote China’s Outward Foreign Direct Investment?," Sustainability, MDPI, vol. 10(9), pages 1-28, September.
- Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2008.
"Corporate Governance, Ownership Structures and Investment in Transition Economies: the Case of Russia, Ukraine and Kyrgyzstan,"
Working Papers
w0119, New Economic School (NES).
- Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2008. "Corporate Governance, Ownership Structures and Investment in Transition Economies: the Case of Russia, Ukraine and Kyrgyzstan," Working Papers w0119, Center for Economic and Financial Research (CEFIR).
- Salla Pöyry & Benjamin Maury, 2010. "Influential ownership and capital structure," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 31(5), pages 311-324.
- Mike Wright & Igor Filatotchev & Robert E. Hoskisson & Mike W. Peng, 2005. "Strategy Research in Emerging Economies: Challenging the Conventional Wisdom," Journal of Management Studies, Wiley Blackwell, vol. 42(1), pages 1-33, January.
- Igor Filatotchev & Tomasz Mickiewicz, 2001. "Ownership Concentration, 'Private Benefits of Control' and Debt Financing," UCL SSEES Economics and Business working paper series 4, UCL School of Slavonic and East European Studies (SSEES).
- Kate Bishop & Igor Filatotchev & Tomasz Mickiewicz, 2002. "Endogenous ownership structure: factors affecting the post-privatisation equity in largest Hungarian firms," UCL SSEES Economics and Business working paper series 5, UCL School of Slavonic and East European Studies (SSEES).
- Lai, Shaojie & Liang, Hongyan & Liu, Zilong & Pu, Xiaoling & Zhang, Jianing, 2022. "Ownership concentration among entrepreneurial firms: The growth-control trade-off," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 122-140.
- Huang, Wei & Jiang, Fuxiu & Liu, Zhibiao & Zhang, Min, 2011. "Agency cost, top executives' overconfidence, and investment-cash flow sensitivity -- Evidence from listed companies in China," Pacific-Basin Finance Journal, Elsevier, vol. 19(3), pages 261-277, June.
- Matyukha, Andriy, 2017. "Business groups in agriculture. Impact of ownership structures on performance: The case of Russia's agroholdings," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 85, number 85.
- Michael N. Young & Mike W. Peng & David Ahlstrom & Garry D. Bruton & Yi Jiang, 2008. "Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective," Journal of Management Studies, Wiley Blackwell, vol. 45(1), pages 196-220, January.
- Bersant Hobdari, 2008. "Insider Ownership and Capital Constraints: An Empirical Investigation of the Credit Rationing Hypothesis in Estonia," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(6), pages 536-549, November.
- Dandan Xu & Yuting Liu, 2024. "The Impact of Environmental Information Disclosure in the “Carbon Trading Pilot” Project on the Financial Performance of Listed Enterprises in China," Sustainability, MDPI, vol. 16(19), pages 1-25, September.
- Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
- Krishna Dayal Pandey & Tarak Nath Sahu, 2019. "Concentrated Promoters’ Ownership and Firm Value: Re-examining the Monitoring and Expropriation Hypothesis," Paradigm, , vol. 23(1), pages 70-82, June.
- Iwasaki, Ichiro & 岩﨑, 一郎, 2016. "The Evolution of Corporate Governance in the Global Financial Crisis : The Case of Russian Industrial Firms," CEI Working Paper Series 2016-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Pyung K. Kang & Yoo Chan Kim, 2015. "The Impact of the Ownership Discrepancy Between Cash-Flow Rights and Voting Rights on Firms’ Soft Asset Investment Decisions: Evidence from Large Business Groups in South Korea," Group Decision and Negotiation, Springer, vol. 24(3), pages 429-450, May.
- Wang, Jiangyuan & Wang, Hua & Wang, Di, 2021. "Equity concentration and investment efficiency of energy companies in China: Evidence based on the shock of deregulation of QFIIs," Energy Economics, Elsevier, vol. 93(C).
- Saul Estrin & Svetlana Poukliakova & Daniel Shapiro, 2009. "The Performance Effects of Business Groups in Russia," Journal of Management Studies, Wiley Blackwell, vol. 46(3), pages 393-420, May.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Igor Filatotchev & Tomasz Mickiewicz, 2001. "Ownership Concentration, 'Private Benefits of Control' and Debt Financing," UCL SSEES Economics and Business working paper series 4, UCL School of Slavonic and East European Studies (SSEES).
- Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer & Robert Vishny, 2002.
"Investor Protection and Corporate Valuation,"
Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, June.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, 1999. "Investor Protection and Corporate Valuation," Harvard Institute of Economic Research Working Papers 1882, Harvard - Institute of Economic Research.
- La Porta, Rafael & Lopez-De-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2002. "Investor Protection and Corporate Valuation," Scholarly Articles 30747191, Harvard University Department of Economics.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection and Corporate Valuation," NBER Working Papers 7403, National Bureau of Economic Research, Inc.
- Shleifer, Andrei & Wolfenzon, Daniel, 2002.
"Investor protection and equity markets,"
Journal of Financial Economics, Elsevier, vol. 66(1), pages 3-27, October.
- Andrei Shleifer & Daniel Wolfenson, 2000. "Investor Protection and Equity Markets," NBER Working Papers 7974, National Bureau of Economic Research, Inc.
- Andrei Shleifer & Daniel Wolfenson, 2000. "Investor Protection and Equity Markets," Harvard Institute of Economic Research Working Papers 1906, Harvard - Institute of Economic Research.
- Randall Morck & Daniel Wolfenzon & Bernard Yeung, 2004.
"Corporate Governance, Economic Entrenchment and Growth,"
NBER Working Papers
10692, National Bureau of Economic Research, Inc.
- Bernard Yeung & Randall Morck & Daniel Wolfenzon, 2004. "Corporate Governance, Economic Entrenchment and Growth," Working Papers 04-21, New York University, Leonard N. Stern School of Business, Department of Economics.
- Zorica Kalezić, 2015. "Ownership Concentration and Firm Performance in Transition Economies: Evidence from Montenegro," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(3), pages 5-64.
- Igor Filatotchev & Yung-Chih Lien & Jenifer Piesse, 2005. "Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan," Asia Pacific Journal of Management, Springer, vol. 22(3), pages 257-283, September.
- Zeineb Barka & Taher Hamza, 2020. "The effect of large controlling shareholders on equity prices in France: monitoring or entrenchment?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(3), pages 769-798, September.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, 1999. "Investor Protection: Origins, Consequences, Reform," Harvard Institute of Economic Research Working Papers 1883, Harvard - Institute of Economic Research.
- Attiya Y. Javid & Robina Iqbal, 2010.
"Corporate Governance in Pakistan: Corporate Valuation, Ownership and Financing,"
PIDE-Working Papers
2010:57, Pakistan Institute of Development Economics.
- Attiya Y. Javid & Robina Iqbal, 2010. "Corporate Governance in Pakistan : Corporate Valuation, Ownership and Financing," Governance Working Papers 22830, East Asian Bureau of Economic Research.
- Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008.
"Recent developments in German corporate governance,"
International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-123, Tilburg University, Center for Economic Research.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Other publications TiSEM f1cb70de-0638-4cfc-baf6-b, Tilburg University, School of Economics and Management.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-014, Tilburg University, Tilburg Law and Economic Center.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Other publications TiSEM db2cef31-d47e-445d-ba35-d, Tilburg University, School of Economics and Management.
- San Martin-Reyna, J.M. & Duran-Encalada, Jorge A., 2012. "The relationship among family business, corporate governance and firm performance: Evidence from the Mexican stock exchange," Journal of Family Business Strategy, Elsevier, vol. 3(2), pages 106-117.
- Shah, Muhammad Hashim & Xiao, Zuoping & Abdullah, & Quresh, Shakir & Ahmad, Mushtaq, 2020. "Internal pyramid structure, contract enforcement, minority investor protection, and firms’ performance: Evidence from emerging economies," Research in International Business and Finance, Elsevier, vol. 52(C).
- de Jong, Abe & DeJong, Douglas V. & Mertens, Gerard & Wasley, Charles E., 2005. "The role of self-regulation in corporate governance: evidence and implications from The Netherlands," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 473-503, June.
- Esra Memili & Kaustav Misra, 2015. "Corporate Governance Provisions, Family Involvement, and Firm Performance in Publicly Traded Family Firms," IJFS, MDPI, vol. 3(3), pages 1-36, July.
- Bhattacharya, Prasad S. & Graham, Michael A., 2009. "On institutional ownership and firm performance: A disaggregated view," Journal of Multinational Financial Management, Elsevier, vol. 19(5), pages 370-394, December.
- Mike Burkart & Samuel Lee, 2008.
"One Share - One Vote: the Theory,"
Review of Finance, European Finance Association, vol. 12(1), pages 1-49.
- Burkart, Mike & Lee, Samuel, 2007. "One Share - One Vote: The Theory," SIFR Research Report Series 57, Institute for Financial Research.
- Burkart, Mike & Lee, Samuel, 2008. "One share - one vote: the theory," LSE Research Online Documents on Economics 69545, London School of Economics and Political Science, LSE Library.
- Ehrhardt, Olaf & Nowak, Eric, 2001. "Private benefits and minority shareholder expropriation: Empirical evidence from IPOs of German family-owned firms," CFS Working Paper Series 2001/10, Center for Financial Studies (CFS).
- Jean-Jacques Hamon, 2001. "La répartition des droits de vote, leur exercice et l’efficacité économique," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 175-209.
- Luigi Lepore & Francesco Paolone & Domenico Rocco Cambrea, 2018. "Ownership structure, investors’ protection and corporate valuation: the effect of judicial system efficiency in family and non-family firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(4), pages 829-862, December.
- Wu, Xueping & Wang, Zheng, 2005. "Equity financing in a Myers-Majluf framework with private benefits of control," Journal of Corporate Finance, Elsevier, vol. 11(5), pages 915-945, October.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:mgtdec:v:22:y:2001:i:6:p:299-313. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www3.interscience.wiley.com/cgi-bin/jhome/7976 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.